Mysteel’s national HRB400 20mm dia rebar benchmark price remained largely stable after entering 2020, assessed at Yuan 3,835/tonne ($548/t), including the 13% VAT, up by only Yuan 1/t on day, according to Mysteel’s database.

Spot sales have been steadily declining, Mysteel Global noted. On the same day, trading volume of construction steel comprising rebar, wire rod and bar-in-coil across China was registered at 36,901 tonnes/day, down another 10,089 t/d or 21.5% on day, a new low since February 15 2019, according to Mysteel’s daily transaction report.

As the Chinese New Year holiday—over January 24-30—approaches,